NFT News by Thebittimes.Com

While the collapse of FTX shaved $100 billion off of BTC’s market cap in just four days last year, BTC has managed to fully recover and stack on another $65 billion. A 48% Bitcoin (BTC) price surge since the start of the year has pushed BTC's market cap past that of payment processing giant Visa once again. With the BTC price currently at $24,365, its market cap of $470.16 billion is now marginally above that of Visa, which has a market cap of $469.87 billion, according to CoinMarketCap. BTC has “flippened” Visa again. Source: CoinMarketCap. This is the third time that BTC has “flippened” the market cap of Visa, according to Companies Market Cap. The first time came in late December 2020, when BTC also happened to hit $25,000 for the first time. This was achieved during a price surge that saw BTC rally from $10,200 in September 2020 to $63,170 seven months later, in April 2021. Visa re-took the lead between June and October 2022, which then saw BTC surpass Visa for a very brief m...

The Mango Markets protocol has experienced an exploit that allowed a person or group to get away with around $100m worth of various cryptoassets. Per a Twitter thread from Mango Markets, the exploit was carried out by a person or group funding an account with the stablecoin USDC, and later taking what was described as an “outsized position” the Mango token perpetual futures market (MNGO-PERP). Within a few minutes, the price of the MNGO rose by 5x to 10x on a number on external exchanges, which Mango’s price oracles used as its reference for the MNGO-PERP price. The increased unrealized profit on the account then meant that the same user could borrow and withdraw approximately $100m worth of BTC, USDT, SOL, mSOL and USDC, the team said. The exploit was detected and the Mango Protocol frozen at 02:37 UTC on October 12 to prevent users from taking further actions that could potentially put their funds at risk, the Twitter thread further said. ...